Boat Loan Ideas

[BradNautique]

Does anyone have a good resource for a boat loan? Any creative ways to finance your boat, i.e. boat loan, home equity loan, etc.?

[ffmedic74]

If you cant pay cash then dont buy it! Home equity loans are tax deductible.

[TxJole]

I agree, I know it's hard to pay cash but it's the best option. If not u end up like the guy I got my boat from. He can't afford it and has to sell it below pay off to me and he picked up the balance. I got the boat for pennies on the dollar cash with a 2 month old stereo he couldn't afford either. Have friends with boats its less work and cheaper.

[DJ]

Brad, call bay area credit. They are in rossford, oh. We are currently using them for ours. Karen Wagner has been helping us. They match rates and have good terms.

[BradNautique]

Thanks DJ. I checked out the website and will contact them.

[Chexi]

Just a point of clarification. There are complicated rules about when you can and when you cannot deduct interest on a home equity loan. I am fairly certain that you cannot legally deduct the interest on a home equity loan if you use the loan proceeds to buy a boat. Consult your tax advisor.

[AirTool]

I somewhat disagree on the "borrowing" comments.....but I will say this:

"Anyone who extracts equity from their home to buy a boat (even a Nautique) should be admitted."

Equity loans were once forbidden in Texas but a decade ago (or so) laws were passed to allow them. Many of those that extracted equity are now renting.

[TRDon]

I would like to thing that paying cash is a viable option for people but if you wanted to buy new, realistically, who has the money to drop 80K tomorrow and not have it dent their wallet enough to care? It certianly isnt me. I took out a loan. I financad the whole amount on a 7 year old boat. I also paid it off with some creative financing wintin about a year. I got the boat loan at 7.5%, then sold my other boat, put that toward the loan (about 1/3) then took the "equity" I had in my new truck I bough months prior to with a significant down payment and a trade and refinanced the truck to pay off the boat at a 3.5% rate. It worked for me.

[east tx skier]

Local Credit Union is your friend. I wouldn't trade the memories for the 2.9% I paid (and paid off early) in interest on my first ski boat, which I sold five years later for more than I paid for it and bought a Nautique.

[swc5150]

I agree with TX. Check with your local credit union. Rates are great right now.

[BroncoSki]

I just got 5.25% at Bank of America and BB&T.

[gride]

while i did pay cash for both of my boats, i do not think the mantra of, "if you can't pay cash you can't have it." is a stupid one. lets say you have great credit, a secure job, and 15-20% to put down, it's quite alright if you can get approved these days. just don't get a 10 year loan. do 5 years or 7 years and pay it off early. if you can do this, then go for it. i do not agree with the no money down technique though.

[viperjuice]

I just did a google search for boat loans.. came up with bank of american at 5.25. ended up getting 4.96 from them

[BradNautique]

Thanks for info. I will call Bank of America.

[ccs]

My 2012 SANTE 230 on order will be paid for with cash come May 1, 2012 - but in researching to see if I wanted to do a loan - I too found Bank of America to have very competitive rates for boats - My local credit union did not offer boat loans per say - but they do offer "signature loans" and what they call share secured loans - basically a personal loan backed by cash in your "savings account" - this share secured loan went as low a 2.99% for 60 months.

While 2.99% is a great rate, for a boat, I prefer to pay cash... as we all know - these wonderful toys can depreciate quite quickly.